Recently Hurricanes Helene and Milton Pushed the insurance program to the brink.And banks around the world are making limited progress in preparing for climate costs. According to Climate X’s latest report88% of banks are unprepared for climate-related disruption, and four out of the five least prepared banks are headquartered in the United States.
Lukky Ahmed, CEO of Climate X, said: “Our research shows that despite increased awareness, many banks still fall short in implementing strong climate adaptation strategies. It is important for banks to integrate adaptation into their strategic decision-making processes and develop their products. These are services that support resilience.”
What can you do? Start by asking your local bank branch manager about their institution’s disaster plan and how they will provide access to cash and credit in the event of an extreme weather event. If you don’t know, ask them to learn more and share. This will send a message that the bank expects to prepare for the worst impacts of the climate crisis.
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